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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Numerous top-tier traders are eyeing the $1 mark for Dogecoin. The question arises though: why? Some say it’s just a matter of time, with big traders like the Tree of Alpha hinting that those who do not grab DOGE at 7 cents or 16 cents might regret it when it hits $1.
Currently, DOGE is hovering around $0.17. That is a good jump from where it was just a while back. The chart shows us that DOGE has been dancing above the support level near $0.11, which acts as a safety net for the asset right now. If it stays above this line, it could be in a strong position to rise.
The resistance level? That’s at about $0.18. A breakthrough above it would potentially mean an acceleration of the current rally. And if it does, the next stop could be at the much-talked-about $1. But DOGE has a few steps to climb before it gets there, including important psychological levels like $0.5, $0.75 and so on.
For DOGE to rally to the moon, a couple of things might help. One big push could come if it starts being used for payments on some big platform. And don’t forget Elon Musk — the unofficial cheerleader for DOGE. His tweets have sent it flying before.
So, will DOGE hit $1? Nobody knows for sure, but traders with a proven record and history believe in the bullish potential of DOGE. If you are watching or holding DOGE, keep an eye on local resistance levels. In case of a breakthrough, we could be in for a ride. But like any investment, there is always a risk.